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260727.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, July 27, 2026, Vol. 29, No. 148 Headlines A U S T R A L I A AIRCOM GROUP: First Creditors' Meeting Set for July 31 ATLANTIC PACIFIC: First Creditors' Meeting Set for July 31 BLACK HOPS: First Creditors' Meeting Set for July 29 ENDEAVOUR FOUNDATION: Mareeba Disability Employment Agency Closes LIBERTY BELL: Gupta Loaned Himself AUD191MM, Administrator Says LIBERTY BELL: May Have Been Insolvent For More Than a Year SENDLE PTY: Brand to Return Under New Ownership After Collapse TRIANGLE ENERGY GLOBAL: First Creditors' Meeting Set for July 29 TRIANGLE ENERGY: First Creditors' Meeting Set for July 29 WISR FREEDOM 2025-1: Moody's Raises Rating on Class F Notes to Ba3 I N D I A ALOM POLY: CARE Keeps C Debt Rating in Not Cooperating Category BIVAB DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating BYJU'S: NCLT Stays Insolvency Bidding Process Until Aug. 31 CABBANA INFRASTRUCTURES: CARE Keeps D Rating in Not Cooperating DHAN STEELS: CARE Lowers Rating on INR35cr LT/ST Loans to B-/A4 DUNAC MOTORS: CARE Keeps B- Debt Rating in Not Cooperating FIBCOM INDIA: CARE Keeps D Ratings in Not Cooperating Category GREEN SPACE: CARE Keeps D Debt Rating in Not Cooperating Category JAGDAMBA POULTRY: CARE Keeps D Debt Rating in Not Cooperating JAIPUR TUFFEN: CARE Keeps B- Debt Rating in Not Cooperating KINGLIKE RETAIL: CARE Keeps B- Debt Rating in Not Cooperating KISHOR SORTEX: CARE Keeps B- Debt Rating in Not Cooperating KUFRI FUN: CARE Keeps D Debt Ratings in Not Cooperating Category L-COMPS AND IMPEX: CARE Keeps D Debt Ratings in Not Cooperating METRO SPARE: CARE Keeps B+ Debt Rating in Not Cooperating Category MHOW GHATABILLOD: Insolvency Resolution Process Case Summary OSHINA EXPO: CARE Keeps B- Debt Rating in Not Cooperating Category RAO BHARAT: CARE Keeps B- Debt Rating in Not Cooperating Category RISHI TRADERS: CARE Keeps D Debt Rating in Not Cooperating ROYAL DRY: Insolvency Resolution Process Case Summary SBS TRANSPOLE: CARE Keeps D Ratings in Not Cooperating Category SETH CONSTRUCTION: CARE Keeps C/A4 Debt Ratings in Not Cooperating SHANKAR VIJAY: CARE Keeps D Debt Ratings in Not Cooperating SHETH DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating SHIV PRASAD ECHO: CARE Keeps D Debt Rating in Not Cooperating SHIV PRASAD: CARE Keeps D Debt Ratings in Not Cooperating Category SHUBHALAKSHMI POLYESTERS: CARE Cuts Rating on LT Loan to B- SIDDHIVINAYAK TIMBER: CARE Keeps D Debt Rating in Not Cooperating SIDHARTH CONSTRUCTION: CARE Keeps D Ratings in Not Cooperating SINGODWALA FINTECH: CARE Keeps B Debt Rating in Not Cooperating SWADESH GREEN: Insolvency Resolution Process Case Summary THARUN TEXSPIN: Insolvency Resolution Process Case Summary VINAYAK MARINE: CARE Keeps B- Debt Rating in Not Cooperating N E W Z E A L A N D AMBROSIA K9: Creditors' Proofs of Debt Due on Aug. 13 CHANCE VOIGHT: High Court Places Six Companies Into Liquidation CONBRIO SECURITY: Court to Hear Wind-Up Petition on Aug. 13 NAUA COURIER: Court to Hear Wind-Up Petition on Aug. 20 TT-SOCKBURN LIMITED: Creditors' Proofs of Debt Due on Sept. 10 V3 CONTRACTING: Creditors' Proofs of Debt Due on Aug. 13 P H I L I P P I N E S XURPAS INC: Auditor Raises 'Going Concern' Doubt S I N G A P O R E ASIA RESOURCE: Court to Hear Wind-Up Petition on July 31 EXIGO MARKETING: Court Enters Wind-Up Order KOON CHENG: Creditors' Meetings Set for Aug. 5 SHINFOX FAR EAST: Creditors' Meetings Set for Aug. 4 SNAPHUNT PTE: Creditors' Meetings Set for July 30 - - - - - ================= A U S T R A L I A ================= AIRCOM GROUP: First Creditors' Meeting Set for July 31 ------------------------------------------------------ A first meeting of the creditors in the proceedings of Aircom Group Pty Limited will be held on July 31, 2026, at 12:00 p.m. via teleconference. John Maxwell Morgan of BCR Advisory was appointed as administrator of the company on July 22, 2026. ATLANTIC PACIFIC: First Creditors' Meeting Set for July 31 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Atlantic Pacific Securities Pty Ltd will be held on July 31, 2026, at 3:00 p.m. via Microsoft Teams. Dane Skinner of Raft Consulting was appointed as administrator of the company on July 21, 2026. BLACK HOPS: First Creditors' Meeting Set for July 29 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Black Hops Craft Pty Ltd and Green Hops Brewing Pty Ltd will be held on July 29, 2026, at 10:30 a.m. via Microsoft Teams. Christopher Richard Cook and James Andrew Robba of Worrells were appointed as administrators of the company on July 21, 2026. ENDEAVOUR FOUNDATION: Mareeba Disability Employment Agency Closes ----------------------------------------------------------------- ABC News reports that Far North Queensland families of children with disabilities are devastated a supported-employment program will end, while locals who raised funds for the facility are angry because they fear it will be sold. According to the ABC, nationwide disability service provider Endeavour Foundation plans to close Mareeba Business Solutions (MBS), which finds manufacturing or farm work for almost 20 people with special needs. MBS started as a fruit and vegetable farm in the 1980s before branching into manufacturing industries. Employees carry out a range of tasks, including sorting lychees, grading coffee beans, refurbishing water sprinklers, as well as recycling mattress components and processing document-destruction bins. The ABC says Endeavour Foundation cited challenges in securing funding from the National Disability Insurance Agency (NDIA), and dwindling commercial contracts. It said it was unable to sustain losses, which exceeded AUD200,000 last financial year. The ABC relates that Endeavour Foundation has not confirmed the future of the Mareeba site after it closes on July 31. But Mareeba Lions Club, which said it funded the building of The Endeavour Farm in the early 1980s, said it was never consulted about the closure, and feared it could be sold and lost from the community. The ABC says the club has resolved to challenge Endeavour Foundation's decision. Two-time Mareeba Lions president Dennis McKinley said some of the history behind past decisions may be lost because people who were involved in assisting the Endeavour Foundation had died in the decades since it was built. He said money gained from any sale should be reinvested locally. "To sit back and allow this to disappear, all the hard work and community involvement, including dollars, would be remiss of our club and our members," he said. "These are the neediest people in our community." He questioned whether Endeavour Foundation tried hard enough to secure local contracts, particularly when short-staffed local farms relied on overseas workers. "The community should fight it to the death," the ABC quotes Mr. McKinley as saying. The ABC relates that Mayor of Mareeba Shire Council Angela Toppin said the council was upset but was considering future options for the participants. "It really does disappoint me, but Endeavour Foundation assures me the facility has become economically unviable," she said. The ABC adds that labor senator for Far North Queensland Nita Green said the federal government was seeking to reform the NDIA so it would be sustainable into the future and would work for people in regional areas. "At the moment, it's not working to serve all Australians, it's not working in the way it was intended to do," Senator Green said. LIBERTY BELL: Gupta Loaned Himself AUD191MM, Administrator Says --------------------------------------------------------------- The Australian Financial Review reports that the administrators of the Liberty Bell Bay manganese smelter in Tasmania have told creditors that the company's previous owner, one-time British industrialist Sanjeev Gupta, loaned AUD191 million to his other businesses, and they expect there is almost no prospect of recovering that money. In a report to creditors issued late on July 24, EY said the depletion of Bell Bay's cash "through intercompany loans and dividends" was one of the primary reasons the company failed, the Financial Review relates. The administrators said there were signs that Bell Bay was operating despite being insolvent as early as May 2025, 10 months before they were formally appointed. The smelter closed earlier this month after administrators failed to find a buyer, resulting in the loss of 200 jobs. EY had been negotiating with one interested party since May, but they subsequently withdrew from discussions. "The draft financial statements and management accounts do not properly reflect the position of related party loans," the report to creditors circulated by EY reads. "Since acquisition of the Bell Bay facility from South32 in January 2021, intercompany loans have been made to various companies in the GFG Alliance" including AUD127.9 million in 2022 alone, alongside AUD91 million in dividends. The smelter was built by BHP in 1962 and became part of Mr. Gupta's Liberty Steel in 2021, the Financial Review notes. Production halted in May last year, the date EY identified as the start of its insolvency, amid weak prices for manganese, which is largely used as a strengthening agent in steel manufacturing. The Financial Review relates that the plant has remained idle despite the Tasmanian government advancing a AUD20 million loan in August to buy 48,000 tonnes of ore to enable a restart. Mr. Gupta's once-sprawling industrial empire – which spanned the United Kingdom, Europe, the United States and Australia – has slowly crumbled, with assets falling into receivership. His highest-profile local asset, the Whyalla steelworks in South Australia, has been run by administrators at KordaMentha after the state government removed Gupta last year. According to the Financial Review, KordaMentha has previously said that the Whyalla steelworks was losing money – up to AUD1.5 million a day – partly because it was selling products too cheaply to other parts of Gupta's business such as InfraBuild. In March, Sebastian Hams, a partner at KordaMentha, described the plant as "hard-wired" to make losses because of the low prices it charged. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of LPMA. On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal Pty Ltd (trading as Tahmoor Colliery). The company entered liquidation on March 6, 2026, resulting in 238 job losses. On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of Liberty Bell Bay Pty Ltd. LIBERTY BELL: May Have Been Insolvent For More Than a Year ---------------------------------------------------------- The Australian Financial Review reports that the administrators of the Liberty Bell Bay manganese smelter believe the company had been insolvent since May last year, months before the Tasmanian government loaned it AUD20 million. The smelter in northern Tasmania was placed into administration in March and officially closed last week, leaving about 200 workers without jobs. Liberty Bell Bay was part of GFG Alliance, which is owned by Sanjeev Gupta. In its voluntary administrators' report, EY Parthenon identified that Liberty Bell Bay may have been insolvent, the Financial Review relays. "The Administrators are of the view that the Company was insolvent from as early as May 1, 2025," it stated. The company was given a AUD20 million loan from the state government in August 2025, AUD14 million of which was used to buy one 23,000-tonne shipment of ore. According to Financial Review, the report estimated that Liberty Bell Bay owed creditors between AUD70 million and AUD300 million, including AUD27 million owed to employees: - AUD661,000 in superannuation - AUD2 million in annual leave - AUD2.5 million in long service leave - AUD22 million in redundancy and pay in lieu of notice A company is deemed insolvent when its debt cannot be paid. Some of the administrators' reasons for identifying the insolvency included: - Yearly revenue dropped from AUD172 million in the 2024-25 financial year, to AUD11 million in 2026 - Consistent operating losses since 2022-23 - Aged payables exceeding 60 days increased from 18 per cent of total payables in 2023-24, to 86 per cent in 2026 "Our preliminary estimate of a claim for insolvent trading is in the order of approximately AUD25 million, if proven," the report stated. The report found that Liberty Bell Bay incurred net losses in 2022-23 of AUD21 million and in 2024-25 of AUD80 million. According to the Financial Review, Deputy Premier Guy Barnett said it was a concern that Liberty Bell Bay may have been insolvent before receiving the loan from the state government. "The administrators have highlighted the absolute irresponsible behaviour of Sanjeev Gupta and GFG," Mr Barnett said. "Our security is the ore . . . and that is why that due diligence was undertaken and that security was locked in on behalf of the tax payers. "We put everything on the table that we possibly could." The Financial Review relates that the report also confirmed previous reports that GFG Alliance had moved about AUD200 million out of Liberty Bell Bay via inter-company loans. The administrators found that the net inter-company loan balance was AUD191 million. "Cash outflows to related parties . . . have meant that the Company has had very limited cash resources to withstand supply chain difficulties and commodity price fluctuations which have impacted profitability," the report stated. A creditors meeting will be held on August 3 to resolve whether the company will be wound up, and if so, whether it wants to appoint a liquidator, the Financial Review adds. About GFG Alliance GFG Alliance is a global group of businesses in industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Limited, Tahmoor Coal in New South Wales, and Liberty Bell Bay in Tasmania. On Feb. 19, 2025, KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and Lara Wiggins were appointed voluntary administrators of OneSteel Manufacturing. The appointment was made by the South Australian Government. The state government took the decision to place OneSteel in administration, after losing confidence in the financial capability of GFG Alliance to pay its bills as and when they fall due, and in GFG's ability to secure funding needed for the ongoing operation of the steelworks, according to Department for Energy and Mining. Liberty Primary Metals Australia (LPMA) is the holding entity for GFG's Australian steel and mining businesses, including Tahmoor. On Nov. 3, 2025, Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck were appointed as administrators of LPMA. On Feb. 9, 2026, Joseph Hayes and Christopher Johnson of Wexted Advisors were appointed as administrators of Tahmoor Coal Pty Ltd (trading as Tahmoor Colliery). The company entered liquidation on March 6, 2026, resulting in 238 job losses. On March 23, 2026, Morgan John Kelly, Robyn Louise Duggan and Samuel John Freeman of Ernst & Young were appointed as administrators of Liberty Bell Bay Pty Ltd. SENDLE PTY: Brand to Return Under New Ownership After Collapse -------------------------------------------------------------- SmartCompany reports that the Sendle brand will return under new ownership, seven months after the delivery service's sudden collapse left small business customers scrambling for alternatives. According to SmartCompany, Andrew McKenna, managing director of logistics business McKenna Worldwide Services and general manager, ANZ for Quantium Solutions, has acquired the Sendle brand, trademarks, and domain name. The deal's value was not disclosed. SmartCompany relates that the purchase, revealed at the Online Retailer Conference & Expo in Sydney last week, revives a brand left on life support after its high-profile liquidation. In a statement provided to SmartCompany on July 23, Mr. McKenna said the response from former Sendle customers and suppliers "has been extraordinary." "It's a clear signal that the market wants reliable, affordable shipping back in place for small business, and we're committed to delivering that as we rebuild Sendle for the future," he added. The company was founded in 2014 by Sean Geoghegan, Craig Davis, and former CSIRO executive James Chin Moody. It acted as a middleman between small businesses and major delivery networks like Aramex and Couriers Please. Sendle positioned itself as a competitor to Australia Post, boasting lower delivery costs and carbon-neutral options. It raised more than AUD100 million from investors before a three-way merger with US businesses FirstMile and ACI Logistix in 2025, SmartCompany notes. At the time, Chin Moody said the move would help Sendle, and the resulting FAST Group parent company, "offer even more support" to small businesses. But shortly after major Sendle investor Federation Asset Management questioned ACI Logistix's finances, Sendle abruptly ceased operations in January this year. SmartCompany says the move left thousands of businesses which had scheduled parcel pick-ups with just hours to find alternative solutions. Sendle Pty Ltd officially fell into liquidation in February, with Shaun Fraser and Jason Preston of McGrathNicol appointed as liquidators. While the purchase includes key intellectual property, Mr. McKenna did not acquire Sendle Pty Ltd itself, nor its exposure to debts related to its collapse. SmartCompany understands the new-look Sendle will operate alongside Quantium Solutions, with the former serving as the customer-facing business, and the latter handling inbound and outbound global deliveries. SmartCompany adds that Mr. McKenna's take on Sendle is expected to be up and running by September. Australia-based Sendle Pty. Ltd. operated as a courier and integrated express package distribution company. The Company offered door-to-door time-definite delivery of shipments for business-to-business needs. TRIANGLE ENERGY GLOBAL: First Creditors' Meeting Set for July 29 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of Triangle Energy (Global) Limited and Triangle (Perth Basin) Pty Ltd will be held on July 29, 2026, at 12:30 p.m. at the offices of 101 Advisory, at Level 3, 101 St Georges Terrace, in Perth, WA, and via virtual meeting technology. Bryan Hughes of 101 Advisory was appointed as administrator of the company on July 20, 2026. TRIANGLE ENERGY: First Creditors' Meeting Set for July 29 --------------------------------------------------------- A first meeting of the creditors in the proceedings of: - Triangle Energy (EP437) Pty Ltd; - Triangle Energy L7 Pty Ltd; - Key Midwest Pty Ltd; and - Key Petroleum (Australia) Pty Ltd will be held on July 29, 2026, at 12:30 p.m. at the offices of 101 Advisory, at Level 3, 101 St Georges Terrace, in Perth, WA, and via virtual meeting technology. Bryan Hughes of 101 Advisory was appointed as administrator of the company on July 21, 2026. WISR FREEDOM 2025-1: Moody's Raises Rating on Class F Notes to Ba3 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on five classes of notes issued by Wisr Freedom Trust 2025-1. The affected ratings are as follows: Issuer: Wisr Freedom Trust 2025-1 Class B Notes, Upgraded to Aa1 (sf); previously on Oct 2, 2025 Definitive Rating Assigned Aa2 (sf) Class C Notes, Upgraded to Aa3 (sf); previously on Oct 2, 2025 Definitive Rating Assigned A2 (sf) Class D Notes, Upgraded to A3 (sf); previously on Oct 2, 2025 Definitive Rating Assigned Baa2 (sf) Class E Notes, Upgraded to Baa3 (sf); previously on Oct 2, 2025 Definitive Rating Assigned Ba2 (sf) Class F Notes, Upgraded to Ba3 (sf); previously on Oct 2, 2025 Definitive Rating Assigned B2 (sf) A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. RATINGS RATIONALE The upgrades were prompted by an increase in note subordination available for the affected notes and the collateral performance to date. No action was taken on the remaining rated class in the transaction as credit enhancement remains commensurate with the current rating for the notes. Following the June 2026 payment date, the note subordination available for the Class B, Class C, Class D, Class E, and Class F Notes has increased to 26.0%, 18.8%, 14.8%, 7.9% and 5.3% respectively, from 18.1%, 13.1%, 10.3%, 5.5% and 3.7% at closing. Principal collections have been distributed on a sequential basis starting from the Class A Notes since closing. Current total outstanding notes as a percentage of the total closing balance is 69.7%. As of end-May 2026, 2.8% of the outstanding pool was 30-plus days delinquent and 1.2% was 90-plus days delinquent. The portfolio has incurred 0.6% (as a percentage of the original portfolio balance) of gross losses to date, all of which have been covered by excess spread. Based on the observed performance to date and loan attributes, Moody's have maintained Moody's expected default assumption at 6.8% of the outstanding pool balance (equivalent to 5.4% of the original pool balance) and the Aaa portfolio credit enhancement (PCE) at 31% from closing. Moody's have considered sensitivity scenarios with higher default assumptions to evaluate the resiliency of the note ratings. The transaction is a cash securitization of unsecured personal loans extended to obligors located in Australia. All receivables were originated by Wisr Finance Pty Ltd. The principal methodology used in these ratings was "Consumer Loan Securitizations" published in May 2026. Factors that would lead to an upgrade or downgrade of the ratings: Factors that could lead to an upgrade of the ratings include (1) performance of the underlying collateral that is better than Moody's expectations, and (2) an increase in the notes' available credit enhancement. Factors that could lead to a downgrade of the ratings include (1) performance of the underlying collateral that is worse than Moody's expectations, (2) a decrease in the notes' available credit enhancement, and (3) a deterioration in the credit quality of the transaction counterparties. ========= I N D I A ========= ALOM POLY: CARE Keeps C Debt Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Alom Poly Extrusions Limited (APEL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE C; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 0.65 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 8, 2025, placed the rating(s) of APEL under the 'issuer non-cooperating' category as APEL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. APEL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 24, 2026, April 3, 2026, April 14, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Alom Poly Extrusions Limited (APEL) was incorporated in June 1990 and currently it is managed by Mr. Ajay Prakash Jhunjhunwala, Mr. Shree Prakash Jhunjhunwala, Mr. Pravin Agarwal, Mr. Anil Kumar Seth and Mr. Arnav Jhunjhunwala. The company is into manufacturing of corrugated polyethylene pipes for sewage, drainage and cables protection. The company is manufacturing of Double Wall Corrugated (DWC) High Density Polyethylene (HDPE) Pipes in diameters upto 1000 MM. The manufacturing facility of the company is located at Banganagar, West Bengal, with an installed capacity of 1000 metric tonnes per annum (MTPA), has the latest plant and machinery and fully equipped QA laboratory for testing and establishment of highquality products. BIVAB DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Bivab Developers Private Limited (BDPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.95 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 15, 2025, placed the rating(s) of BDPL under the 'issuer non-cooperating' category as BDPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. BDPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 10, 2026, April 20, 2026, July 10, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in the year 1997, Bivab Developers Private Limited (BDPL) was promoted by Mr. Binay Krishna Das and Mrs Evarani Pattnaik based out of Bhubaneshwar, Odisha. Since its inception, BDPL's has been engaged in development of real estate projects in the state of Odisha. The entity has already developed a residential cum commercial real estate project namely 'Bivab Heritage' with total saleable area of 36,000 square feet. In the aforesaid project, the entity has developed G+4 with 36 units with parking facilities. Out of 36, 000 square feet saleable area, 30,617 square feet has already been sold out. Currently, it is developing four new projects in the name of 'Bivab Nest', 'Bivab Square', 'Bivab Sai Manour' and 'The Zeus'. The aggregate costs for the four projects are estimated to be INR165.82 crore which is be funded by term loan of INR24.00 crore, promoter's funds of INR53.41 crore and balance through customer advances. The entity has spent around INR53.41 crore till August 31, 2019 in the aforesaid projects funded through promoters' contributions. BYJU'S: NCLT Stays Insolvency Bidding Process Until Aug. 31 ----------------------------------------------------------- LiveMint.com reports that the Bengaluru Bench of the National Company Law Tribunal (NCLT) on July 22 put the insolvency bidding process of Think & Learn, the parent company of edtech firm Byju's, on hold until the next hearing scheduled for August 31, granting interim relief to the company's founders. LiveMint.com relates that the company in a press release said that the tribunal directed the resolution professional (RP) not to proceed with the issuance of Form G — the invitation for expressions of interest from prospective buyers — or to finalise the list of prospective resolution applicants until further orders. According to LiveMint.com, the stay came after an application filed by Byju's founders, Byju Raveendran and Riju Ravindran, challenging the admission of a INR11,433 crore claim submitted by the trustee representing the company's US term loan lenders, it added. LiveMint.com says Raveendran and Ravindran had argued that allowing the claim to stand without scrutiny could significantly influence the corporate insolvency resolution process and affect the outcome of any bidding. The statement added that the NCLT accepted the need to examine the issue and ordered that the bidding process remain on hold until the matter is heard in detail. According to LiveMint.com, the decision temporarily halts the next stage of the insolvency proceedings, preventing potential buyers from entering the process while the tribunal considers the founders' objections, as per the release. It however added that this order does not end the insolvency proceedings; it merely pauses the invitation and selection of resolution applicants. The case is part of the ongoing insolvency process involving Byju's, which has faced financial stress, legal disputes with lenders, and multiple regulatory and operational challenges over the past year, LiveMint.com adds. About Byju's Based in Bengaluru, Karnataka, India, Byju's operates an online learning platform intended to deliver engaging and accessible education. The company's platform makes use of original content, watch-and-learn videos, animations, and interactive simulations that make learning contextual, visual, and practical, enabling students to receive a personalized educational experience. As reported in the Troubled Company Reporter-Asia Pacific in July 2024, the National Company Law Tribunal (NCLT) on July 16 ordered insolvency proceedings against the company after a complaint by the Board of Control for Cricket in India (BCCI) for not paying US$19 million in dues. Pankaj Srivastava was appointed as the interim resolution professional. Reuters said Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses, job cuts and a collapse in its valuation to less than US$3 billion. Byju's has denied any wrongdoing. The TCR-AP relayed that the National Company Law Appellate Tribunal (NCLAT) on Aug. 2, 2024, accepted the settlement between Byju Raveendran and the BCCI, thus removing Byju's parent Think and Learn from the insolvency resolution process. However, in October 2024, the Supreme Court quashed an earlier NCLAT ruling approving the settlement, according to The Economic Times. The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that foreign lenders, who collectively extended more than 85% of Byju's US$1.2 billion term loan, have filed an insolvency petition against the online tutor in India. Moneycontrol related that the bankruptcy petition was filed in January 2024 in the Bengaluru bench of the National Company Law Tribunal (NCLT), the people said, requesting anonymity. BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Alleged creditors of Epic! Creations, also a U.S. unit, sought involuntary petition under Chapter 11 of the the U.S. Bankruptcy Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on June 5, 2024. CABBANA INFRASTRUCTURES: CARE Keeps D Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Cabbana Infrastructures Private Limited (CIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 25.00 CARE D; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 13, 2025, placed the rating(s) of CIPL under the 'issuer non-cooperating' category as CIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. CIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Cabbana Infrastructure Private Limited (CIPL) was incorporated in December 2005 by the name Hyatt Resorts Private Ltd. Later in April 2011, the name of the company was changed to its present name- Cabbana Infrastructure Private Limited. CIPL is located on the Jalandhar- Ludhiana highway and is operating a 47 room, 5star hotel. The company also provides banquet services (5 banquet halls) and has a recreational club under the name 'Club Cabbana'. CIPL is promoted by Mr S L Pabbi, Mr H L Pabbi, Mr Anil Chodha and Mr Manoj Chodha. DHAN STEELS: CARE Lowers Rating on INR35cr LT/ST Loans to B-/A4 --------------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Dhan Steels Private Limited (DSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/Short 35.00 CARE B-; Stable/CARE A4; Term Bank ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category and LT rating downgraded from CARE B; Stable and ST rating reaffirmed Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 8, 2025, placed the rating(s) of DSPL under the 'issuer non-cooperating' category as DSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 24, 2026, April 3, 2026, April 14, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of DSPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in 1990, Dhan Steels Private Limited (DSPL) is primarily engaged in ship breaking activity at Alang, Gujarat. The company is also into trading of imported ferrous and non- ferrous metals like steel and Aluminium rod, pipe and Coil etc. The operations of DSPL are managed by Mr. Hanif Vadiawala having experience of more than 18 years in the industry. DUNAC MOTORS: CARE Keeps B- Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Dunac Motors Private Limited (DMPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 16, 2025, placed the rating(s) of DMPL under the 'issuer non-cooperating' category as DMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. DMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 2, 2026, May 12, 2026, May 22, 2026 among others. In line with the extant SEBI guidelines, CareEdge Rating has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Bikaner-based Dunac Motors Private Limited (DMPL) was incorporated in 2004 by Mr Jagdish Dudi with an objective to commence automobile dealership business. Since inception, the company is an authorized dealer of Tata Motors Limited (TML) for heavy commercial vehicles. The company currently operates a sales, service and spare (3s) outlet at Bikaner and Nagaur. The overall management of DMPL is looked after by Mr Jagdish Dudi (Managing Director) who has an experience of around two decades in the automobile dealership business. Mr Jagdish Dudi is ably supported by his wife Mrs Kamlesh Dudi who has experience of around five years in automobile dealership business. FIBCOM INDIA: CARE Keeps D Ratings in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Fibcom India Limited (FIL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 32.02 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 67.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 11, 2025, placed the rating(s) of FIL under the 'issuer non-cooperating' category as FIL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. FIL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2026, May 7, 2026, May 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable FIL was established in December 1994 as a Joint Venture (JV) between NKT Elektronik, Denmark, ITI Limited and IFU, Denmark. In 2006, Delhi based Lalit Suri group acquired the company from the promoters. Suri group has diversified business interest in sectors including auto ancillary, auto dealership, hospitality, aviation, education etc. Group companies of FIL include Subros Limited, Bharat Hotels Limited, Rohan Motors Limited. FIL is engaged into manufacturing of telecom networking equipment and also offer Installation & Commissioning (I&C) of telecommunication projects and network consultancy services. FIL is into manufacturing of optical transmission products (SDH/DWDM), integrated network solutions and telecom infrastructure development projects. The manufacturing and R&D facility of FIL is located in Noida, Uttar Pradesh. GREEN SPACE: CARE Keeps D Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Green Space Infraheights Private Limited (GSIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 40.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2025, placed the rating(s) of GSIPL under the 'issuer non-cooperating' category as GSIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. GSIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Green Space Infraheights Pvt Ltd (GSIPL) is a real estate development firm, incorporated in 2013. It belongs to 'Shree Vardhman group' and is incorporated for the affordable housing residential project 'Green Space' located in Panchkula, Haryana. JAGDAMBA POULTRY: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Jagdamba Poultry Private Limited (SJPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 12, 2025, placed the rating(s) of SJPPL under the 'issuer non-cooperating' category as SJPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SJPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 28, 2026, May 8, 2026, May 18, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nagpur, Maharashtra based, SJPPL was incorporated in 2001 as a private limited company by Mr. Rakesh Singh and Ms. Nutan Rakesh Singh, and is engaged in poultry farming business and trading of agro products like paddy, maize, wheat, rice, soyabean, animal and poultry feed amongst others. JAIPUR TUFFEN: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Jaipur Tuffen Glass Industries Private Limited (JTGIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 13.02 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 17, 2025, placed the rating(s) of JTGIPL under the 'issuer non-cooperating' category as JTGIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. JTGIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated May 3, 2026, May 13, 2026, May 23, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Jaipur-based (Rajasthan) Jaipur Tuffen Glass Industries Private Limited (JTGIPL) was incorporated in November, 2013 by Mr. Shailesh Shah, Mr. Bal Kishan Shah, Mr. Satish Shah and Mrs. Vimla Shah. The company has commenced its commercial operations from July, 2017. JTGIPL is engaged in manufacturing of toughened glass, heat-strengthened glass, laminated glass and insulated glass. Toughened glass finds its applications in automobiles, buildings & structures, food service & restaurants, etc. whereas insulated glass finds its applications in commercial & residential fixed & operable windows, curtain walls, storefronts, sloped/overhead glazing etc. The products manufactured by the company are sold across India. KINGLIKE RETAIL: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Kinglike Retail Ventures Private Limited (KRVPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 16.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 10, 2025, placed the rating(s) of KRVPL under the 'issuer non-cooperating' category as KRVPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KRVPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 26, 2026, May 6, 2026, May 16, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable KRVPL was incorporated in July 2017 by Mr. Abhishek Kumar and Mr. Arvind Kumar Sinha for setting up a jewellery showroom at Begusarai, Bihar. KISHOR SORTEX: CARE Keeps B- Debt Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kishor Sortex and Rice Mill Private Limited (KSRMPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 15.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 7, 2025, placed the rating(s) of Kishor Sortex And Rice Mill Private Limited (KSRMPL) under the 'issuer non-cooperating' category as KSRMPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KSRMPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 23, 2026, April 2, 2026, April 12, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Incorporated in February 2004, Kishor Sortex And Rice Mill Private Limited (KSRMPL) was promoted by the Agarwal family based out of Durg, Chhattisgarh. The company is engaged in milling of raw/parboiled non-basmati rice. The milling unit of KSRMPL is located at Samora, Dhamdha Road, District - Durg in Chhattisgarh with a paddy processing capacity of 48000 MTPA. KSRMPL procures paddy from farmers & local agents and sells its finished products through the wholesalers and brokers located in Chhattisgarh. In addition to this the company is also involved in custom milling (job work) services for Food Corporation of India. KUFRI FUN: CARE Keeps D Debt Ratings in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Kufri Fun Campus Private Limited (KFCPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.30 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 8.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 29, 2025, placed the rating(s) of KFCPL under the 'issuer non-cooperating' category as KFCPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. KFCPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 14, 2026, April 24, 2026, May 4, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Kufri Fun Campus Private Limited (KFCPL) was incorporated in 2006 and started its commercial operations in August, 2013 and is promoted and managed by Mr. Baldev Singh Thakur and Mr. Vikas Agarwal. KFCPL owns and operates a theme park called 'Kufri Fun Campus' located at Shimla, Himachal Pradesh. KFCPL also owns and operates Food and Beverages (F&B) outlets, retail and merchandise shops as well as banquet hall inside the theme park. Apart from this, KFCPL has provided hotel named 'Twin Towers' on lease to Colors of India Tours Private Limited w.e.f. April 2018. L-COMPS AND IMPEX: CARE Keeps D Debt Ratings in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of L-Comps and Impex Private Limited (LIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 9.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 5.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 30, 2025, placed the rating(s) of LIPL under the 'issuer non-cooperating' category as LIPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. LIPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 15, 2026, April 25, 2026, May 05, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable L-Comps & Impex Pvt. Ltd. (LIPL), promoted by Mr Puneet Gupta, was incorporated in 1979. The company is engaged in importing various FMCG products like Juices, Chocolates, Cookies, Jams, honey, Olive oil, Yoghurt etc. for sale in the domestic market (through its distributor network all over India). LIPL imports its products mainly from Italy and other European countries. METRO SPARE: CARE Keeps B+ Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of Metro Spare Part (India) Private Limited (MSPPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 15.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 11, 2025, placed the rating(s) of MSPPL under the 'issuer non-cooperating' category as MSPPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. MSPPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2026, May 7, 2026, May 17, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of MSPPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Metro Spare Part (India) Private Limited (MSPPL) was incorporated in November 2007 by one Mrs. Madhushree Choudhury of Bhubaneswar, Odisha. Subsequently, the company started to initiate an automobile spare parts trading business and has setup a selling and servicing facility at Badajena Complex near hubaneswar. The company sells two and three-wheeler spare parts of brands like Bajaj, Piaggio, Bharat Motors etc. MHOW GHATABILLOD: Insolvency Resolution Process Case Summary ------------------------------------------------------------ Debtor: Mhow Ghatabillod Toll Roads Private Limited Registered & Business Address: Essel House, B-10, Lawrence Road, Industrial Area, New Delhi, Delhi, India, Pin - 110035 Address at which the books of account are to be maintained: 6th Floor, Plot No. 19 & 20, Film City, Sector 16A, Gautam Buddha Nagar, Noida, Uttar Pradesh, India, Pin - 201301 Insolvency Commencement Date: July 9, 2026 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: January 5, 2027 Insolvency professional: Akhil Ahuja Interim Resolution Professional: Akhil Ahuja Mavent Restructuring Services LLP S-376, Panchshila Park, Panchsheel Enclave, South Delhi, New Delhi - 110017 Email: caakhilahuja@gmail.com 803, 8th Floor, Chandak Cornerstone, David S. Barretto Road, Upper Worli, Mumbai, Maharashtra - 400018 Email: cirp.mgtrpl@gmail.com Last date for submission of claims: July 23, 2026 OSHINA EXPO: CARE Keeps B- Debt Rating in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Oshina Expo Private Limited (OEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 5.00 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 1.00 CARE A4; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 28, 2025, placed the rating(s) of OEPL under the 'issuer non-cooperating' category as OEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. OEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 14, 2026, April 23, 2026, May 3, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Oshina Expo Private Limited (OEPL) was established as a proprietorship concern in 2002 by Mr Samit Jain and his family and the firm was converted in 2012 into a private limited company. OEPL is engaged in the business of trading (constitutes 100% of total sales) of footwear such as shoes, sandals and slippers, etc. for both men and women. The company has four associate companies M.B. Rubber Pvt. Ltd, JRS Footwears Pvt. Ltd, Lakhani Infinity Footcare Pvt. Ltd and Zee Footwears Pvt. Ltd. which are engaged in the same line of business. RAO BHARAT: CARE Keeps B- Debt Rating in Not Cooperating Category ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rao Bharat Singh Education Society (RBSES) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 14.70 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2025, placed the rating(s) of RBSES under the 'issuer non-cooperating' category as RBSES had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RBSES continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Stable Rao Bharat Singh Education Society (RBSES) was registered as an educational society in 2015 under Societies Registration Act, 1860 with an objective to provide education services by establishing and operating an educational institution and started its commercial operations in April, 2017. The society operates a school under the name of RBSES located in Gurgaon, Haryana was established for providing primary and secondary education from Nursery to standard XII. However, currently they have students up to XIth standard only. The day-to-day management of the society is carried by Mr. Dharamvir (Managing Director) and Mr. Ashish Kumar (Vice President) and well supported by other society members. The society has employed experienced teaching and administrative staff to run the courses in efficient manner. The campus of the society is well equipped with modern classrooms, auditorium, library, computer centres, and resource Centre etc. RISHI TRADERS: CARE Keeps D Debt Rating in Not Cooperating ---------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Rishi Traders (RT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 7.73 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 12, 2025, placed the rating(s) of RT under the 'issuer non-cooperating' category as RT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. RT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 28, 2026, May 8, 2026, May 18, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Nagpur based RT was established as a partnership concern in the year 2011. The firm is engaged in ginning and pressing of cotton and extraction of oil from cotton seed. ROYAL DRY: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Royal Dry Fruits Private Limited Flat No. -4, Asiya Manor 67/A Perry Road, Bandra (West), Mumbai, Maharashtra, India, 400050 Insolvency Commencement Date: July 7, 2026 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 3, 2027 Insolvency professional: Siddhant Vinod Agrawal Interim Resolution Professional: Siddhant Vinod Agrawal 164, Shree, Tikekar Road, Dhantoli, Nagpur, Maharashtra, India, 440012 Email: ip.siddhantagrawal@gmail.com 106, 1st Floor, Kanakia Atrium 2, Cross Road A, Behind Courtyard Marriott, Chakala, Andheri East, Mumbai - 400093 Email: irp.royal@aegisipe.com Last date for submission of claims: July 21, 2026 SBS TRANSPOLE: CARE Keeps D Ratings in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of SBS Transpole Logistics Private Limited (STLPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 100.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 116.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 12, 2025, placed the rating(s) of STLPL under the 'issuer non-cooperating' category as STLPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STLPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 28, 2026, May 8, 2026, May 18, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable The company was incorporated in August, 2004 by the name of Transpole Logistics Private Limited and is engaged in integrated logistics services. Subsequently, in Oct, 2014; the name was changed to the current one, SBS Transpole Logistics Private Limited (STLPL). STLPL is promoted by Mr Anant Chaudhary and Mr. Vivek Shukla and the company business segment offers general logistics, including 3PL, international logistics, warehouse logistics and various other multi-modal logistics solutions. SETH CONSTRUCTION: CARE Keeps C/A4 Debt Ratings in Not Cooperating ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Seth Construction Company (SCC) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 15.00 CARE C/CARE A4; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2025, placed the rating(s) of SCC under the 'issuer non-cooperating' category as SCC had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCC continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Seth Construction Company (SCC) was established in the year 1978 as a partnership firm by Mr. Mannu Seth, Mr. Amit Seth and Mrs. Parveen Seth and is engaged into construction of civil engineering projects such as roads & building construction services. SCC undertakes such activities mainly in Nagpur district, Maharashtra and procures orders through tender bidding process undertaken by Public Works Department (PWD), Maharashtra Irrigation Development Corporation (MIDC) of Govt. of Maharashtra and Military Engineering Services (MES) of Ministry of Defense. SHANKAR VIJAY: CARE Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Shree Shankar Vijay Timber Exports Private Limited (SSVTEPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/ 47.00 CARE D/CARE D; ISSUER NOT Short Term COOPERATING; Rating continues Bank Facilities to remain under ISSUER NOT COOPERATING category Short Term Bank 0.22 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 14, 2025, placed the rating(s) of SSVTEPL under the 'issuer non-cooperating' category as SSVTEPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SSVTEPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2026, April 10, 2026, April 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Shree Shankar Vijay Timber Exports Private Limited (SSVTEPL) was incorporated by Mr Kirit Patel in 1975. SSVTEPL is engaged in the business of timber trading, wherein it majorly imports teakwood from Myanmar (Burma), Chile and Ecuador. The company earns the entire revenue from the domestic market where it invites its regular customers with whom the group has been dealing since past three decades. The company caters to retailers & sawmills based out of Kerala, Andhra Pradesh, Karnataka and Mumbai. SHETH DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sheth Developers (SD) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B-; ISSUER NOT COOPERATING; Facilities Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2025, placed the rating(s) of SD under the 'issuer non-cooperating' category as SD had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SD continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 19, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable SD is a partnership concern, established in December 2010 as a special purpose vehicle (SPV) of Sheth Realty Group (SRG) for undertaking residential cum commercial project named 'Beverly Hills' in Pune. SHIV PRASAD ECHO: CARE Keeps D Debt Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shiv Prasad Eco Touchwood Private Limited (SPETPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short Term Bank 35.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 14, 2025, placed the rating(s) of SPETPL under the 'issuer non-cooperating' category as SPETPL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. SPETPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2026, April 10, 2026, April 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Shiv Prasad Eco Touchwood Private Limited (SPETPL), promoted by Mr Kirti Patel, is engaged in the manufacturing of natural wood veneers and trading of teak round logs. Though the company was incorporated in the year 2007, commercial operations started in the year 2009. The company earns the entire revenue from the domestic market. The teakwood is procured from Myanmar (Burma) through the intermediary, Shivah Sawa Shoji. The trading of round logs is carried out mainly on auction basis where it invites its regular customers with which the group is dealing since past three decades. The company caters to retailers & saw mills based out of Kerala, Andhra Pradesh, Karnataka and Mumbai. SHIV PRASAD: CARE Keeps D Debt Ratings in Not Cooperating Category ------------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Shiv Prasad Enterprises (SPE) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 1.35 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 36.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale & Key Rating Drivers CARE Ratings limited (CareEdge Ratings) had, vide its press release dated May 14, 2025, placed the rating(s) of SPE under the 'issuer non-cooperating' category as SPE had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPE continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2026, April 10, 2026, April 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Established in 1993, Shiv Prasad Enterprises (SPE) is engaged in the business of trading of teak wood (round wood logs). SPE procures entire teak wood via imports (approximately 95% from Burma) and sells it in domestic market majorly through auction where it invites its regular customers with whom the group has been dealing since past three decades. The firm caters to retailers & saw mills based out of Kerala, Andhra Pradesh, Karnataka and Mumbai. SHUBHALAKSHMI POLYESTERS: CARE Cuts Rating on LT Loan to B- ----------------------------------------------------------- CARE Ratings has revised the ratings on certain bank facilities of Shubhalakshmi Polyesters Limited (SPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 718.10 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING and Downgraded from CARE B; Stable Short Term Bank 628.00 CARE A4; ISSUER NOT COOPERATING Facilities RBI Rating continues to remain Under ISSUER NOT COOPERATING Category Rationale and key rating drivers CARE Ratings Ltd. (CareEdge Ratings) had, vide its press release dated June 11, 2025, placed the rating(s) of SPL under the 'issuer non-cooperating' category as SPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 27, 2026, May 7, 2026, May 17, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Shubhalakshmi Polyesters Limited (SPL) is promoted by Mr. Ramu Raman Agarwal in 1979. He is currently the chairman of SPL having more than three decades of experience in the textile business. SPL is primarily engaged in manufacturing of polyester chips, partially oriented yarn (POY), fully drawn yarn (FDY), polyester staple fiber (PSF) and wide varieties of texturized yarn (including double twist yarn, air texturizing yarn, monofilament yarn, draw twisted yarn etc.). Yarn produced by SPL finds its application in home furnishing fabric, ladies and gents fashion wear etc. Manufacturing plant is located at Dahej (Gujarat), Silvassa and Daman. On March 08, 2023, Reliance Polyester (a wholly owned subsidiary of Reliance Industries) had completed the acquisition of SPL's polyester business. SIDDHIVINAYAK TIMBER: CARE Keeps D Debt Rating in Not Cooperating ----------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Siddhivinayak Timber Trading (STT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 6.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated June 13, 2025, placed the rating(s) of STT under the 'issuer non-cooperating' category as STT had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. STT continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 29, 2026, May 9, 2026, May 19, 2026, among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not Applicable Siddhivinayak Timber Trading (STT) is based out of Nagpur and was established as proprietorship concern in the year 2012 by Mr. Ashwin Patel. STT is engaged in the business of processing and trading of timber logs. The main variety of wood which the firm imports is Teak Wood, termed as commercial wood which is primarily used for interior decoration and furniture. The firm has a saw mill in Kalmana, Nagpur. SIDHARTH CONSTRUCTION: CARE Keeps D Ratings in Not Cooperating -------------------------------------------------------------- CARE Ratings said the ratings for the bank facilities of Sidharth Construction and Trading Private Limited (SCTPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 2.00 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Short Term Bank 7.50 CARE D; ISSUER NOT COOPERATING Facilities Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 20, 2025, placed the rating(s) of SCTPL under the 'issuer non-cooperating' category as SCTPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. SCTPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated April 5, 2026, April 15, 2026, April 25, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings' opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Analytical approach: Standalone Outlook: Not applicable Sidharth Construction & Trading Private Limited (SCTPL) was incorporated in April 1982. Since its inception, the company has been engaged in earth work related construction and other civil work in the segment like roads, bridges and railway projects. SCTPL is also empanelled as a super class contractor under the chief engineer (roads), Odisha and also registered with the PWD Odisha for execution of various road construction projects. Mr. Bharat Chandra Rout (Managing Director) has more than four decades of experience in civil construction industry, looks after the day to day operations of the company. He is supported by other directors who are also having long experience in this industry. SINGODWALA FINTECH: CARE Keeps B Debt Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Singodwala Fintech Private Limited (SFPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 10.00 CARE B; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING category Rationale and key rating drivers CARE Ratings Limited (CARE Ratings) had, vide its press release dated February 23, 2024, placed the ratings of SFPL under the 'Issuer non-cooperating' category as SFPL had failed to provide information for monitoring of the ratings as agreed to in its Rating Agreement. SFPL continues to be non-cooperative despite repeated request for submission of information through phone calls and emails dated July 8, 2026, July 2, 2026, and March 22, 2026. In line with the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the basis of the best available information which however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair rating. The rating on Singodwala Fintech Private Limited's bank facilities will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings have been revised on account of limited information available. Analytical approach: CARE Ratings Limited (CARE Ratings) has adopted standalone approach along with factoring support from the promoters and its group entity SWLPL. Outlook: Stable Detailed description of the key rating drivers At the time of last rating on April 16, 2025, the following were the rating weaknesses and strengths (updated for the information available from registrar of companies). Key weakness * Risk related to fluctuations in prices of underlying stock: SFPL provides financing to farmers/traders based on the value of agri-commodities stored in the warehouse of its group entity SWLPL at the LTV ratio of around 75-80%. Agri-commodity prices are directly affected by various factors like monsoon during the year, area under cultivation, global pricing scenario (linked to global demand supply) and government policies. As the prices of these agri-commodities are prone to fluctuation, the company faces the risk of decline in the value of the underlying stock. * Small scale operations with short track record and limited portfolio seasoning: SFPL commenced operations in 2019, and the business has a vintage of over five years. As a result, the loan portfolio has limited seasoning. CARE Ratings notes that performance of the portfolio through different economic cycles and geographies as the portfolio seasons is yet to be established. As on March 31, 2026 (provisional), loan portfolio stood at INR9.86 crore. * Moderate profitability: SFPL reported a profit after tax (PAT) of INR0.09 crores on total income of INR1.70 crores in FY26 (P) against a PAT of INR0.11 crores on total income of INR1.92 crores in FY25. * Geographical concentration of portfolio: The company mainly operates in Rajasthan and Bihar from 2 branches. The company doesn't have a significant expansion plan currently and will continue business from the same branches. Key strengths * Promoter's relevant experience of dealing in agri commodities along with support from group entity in sustenance and growth of business operations through various means: SFPL is promoted and held by Mr. Sanjay Agarwal, CEO and Managing Director at SFPL, along with his wife Mrs. Rekha Agarwal, Director, with 50% stake each. Mr. Sanjay Agarwal is a Chartered Accountant & Company Secretary having 12 years of experience with HDFC Bank Limited as regional operation manager in Rajasthan. Furthermore, he has experience of around 4 years with other group entities (RK Warehouse) in the commodity financing business. Mrs. Rekha Agarwal, a graduate in commerce, is associated with the group entity of SFPL. The experience of the promoter in agri commodity financing through his family business and other group entities is of key utility for SFPL. Since inception, the promoters have infused a capital of INR 5 crores in the company. * Adequate capitalisation and low gearing levels: The tangible net worth (TNW) of SFPL remained stable at INR5.57 crore as on March 31, 2026 (P) (As on March 31, 2025 - INR5.30 crore) as against the total borrowings of INR4.31 crore as on March 31, 2026 (As on March 31, 2025 - INR3.41 crore); accordingly, the overall gearing stood to 0.77x as on March 31, 2026 (vs. 0.64x as on March 31, 2025). Incorporated in 2019, Singodwala Fintech Private Limited (SFPL) is an RBI registered non-deposit taking Non-Banking Finance Company (NBFC). It is also known as Apnagodam Finance. The company is mainly into commodity pledge financing. It provides loans against agri commodities to farmers. The agri commodities it primarily deals in are barley, gram, groundnut and millet. These loans are provided for both, personal and business purposes. Company has an online platform 'apnagodamfinance.com' to facilitate sales of commodities, jointly owned along with Singodwala Warehousing and Logistics Pvt. Ltd (SWLPL). This portal is a state government registered platform for buying and selling of agricultural produce. SWLPL provides warehousing and logistic facilities through 6 warehouses across Rajasthan and 7 warehouses in Bihar. It acts as a layered service provider for SFPL, acting as custodian and settlement agency of commodities pledged with SFPL. Further, majority of SFPL's customers are sourced through referrals from SWLPL. SWLPL has also recently launched mobile application for the same purpose. The AUM of SFPL stands at INR9.86 crore as on March 31, 2026 (Provisional), concentrated in the states of Bihar and Rajasthan contributing to 65% and 35% respectively. SWADESH GREEN: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Swadesh Green Infra Limited Registered Office: C-201, Naraina Industrial Area, Phase-I, New Delhi, South West Delhi - 110028 Principal Office: B-13, Gulmohar Park, New Delhi - 110049 Insolvency Commencement Date: July 8, 2026 Court: National Company Law Tribunal, New Delhi Bench-III Estimated date of closure of insolvency resolution process: January 4, 2027 Insolvency professional: Niraj Kumar Interim Resolution Professional: Niraj Kumar E-47, IARI Pusa Campus, New Delhi - 110012 Tel: +91 9818727408 Email: njhaandco@gmail.com 205, Ansal Imperial Tower, C-Block Community Centre, Naraina Vihar, New Delhi - 110028 Email: cirp.swadeshgreeninfra@gmail.com Last date for submission of claims: July 22, 2026 THARUN TEXSPIN: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Tharun Texspin Mills Private Limited 2/467, Trichy Road, K.N. Puram, Semmipalayam, Palladam, Coimbatore, Tamil Nadu - 641664 Insolvency Commencement Date: July 2, 2026 Court: National Company Law Tribunal, Chennai Bench-I Estimated date of closure of insolvency resolution process: January 2, 2027 Insolvency professional: Kathiresan Nachimuthu Interim Resolution Professional: Kathiresan Nachimuthu Plot 44, Shalimar Garden 2nd Street, Injambakkam, Chennai, Tamil Nadu - 600115 Email: kathir.fca@outlook.com Last date for submission of claims: July 21, 2026 VINAYAK MARINE: CARE Keeps B- Debt Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the ratings for the bank facilities of Vinayak Marine Services Private Limited (VMSPL) continue to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 11.51 CARE B-; Stable; ISSUER NOT Facilities COOPERATING; Rating continues to remain under ISSUER NOT COOPERATING Rationale & Key Rating Drivers CARE Ratings Limited (CareEdge Ratings) had, vide its press release dated May 14, 2025, placed the rating(s) of VMSPL under the 'issuer non-cooperating' category as VMSPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. VMSPL continues to be non-cooperative despite repeated requests for submission of information through e-mails dated March 30, 2026, April 10, 2026, April 19, 2026 among others. In line with the extant SEBI guidelines, CareEdge Ratings has reviewed the rating on the basis of the best available information which however, in CareEdge Ratings opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of VMSPL have been revised on account of non-availability of requisite information. Analytical approach: Standalone Outlook: Stable Incorporated in 2006 by Mr. Ravi Kapoor and Mr. Shakti Kapoor, Vinayak, Marine Services Private Limited (VMS) is engaged in providing shipping services viz. offshore personnel transportation for those personnel engaged in offshore oil & gas exploration activities. Moreover, the company is also engaged into bunker & marine spares supply, ship management & consultancy services, ship brokers & charterer services, ship sale & purchase services, men & material movement (MMM) and salvage & towage services. ===================== N E W Z E A L A N D ===================== AMBROSIA K9: Creditors' Proofs of Debt Due on Aug. 13 ----------------------------------------------------- Creditors of Ambrosia K9 Limited and Dynamic Business Management Limited are required to file their proofs of debt by Aug. 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 16, 2026. The company's liquidators are: Steven Khov Kieran Jones Khov Jones Limited PO Box 302261 North Harbour Auckland 0751 CHANCE VOIGHT: High Court Places Six Companies Into Liquidation --------------------------------------------------------------- Six Chance Voight companies have been placed into liquidation by the High Court after it found the Rangiora-based Chance Voight Group was insolvent and operating an unsustainable business model. Following an investigation by the Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko, the FMA asked the High Court to appoint liquidators to Chance Voight's parent company and five core subsidiaries. The High Court heard the FMA's application on June 29, 2026. On July 24, the High Court has issued a decision appointing liquidators and finding the Group was insolvent and reliant on new investor funds to meet existing obligations and was unable to meet its debts as they fell due. The FMA's Head of Enforcement, Margot Gatland, says, "Our primary goal in bringing the liquidation proceeding was to ensure the preservation of investor funds to the extent possible. The Court's judgment confirms the FMA's concerns about the management of these companies. "The Court found that the companies, with one exception were insolvent, and that the evidence was overwhelming. The remaining company was a holding company that did not trade and was wound up on the basis of a justifiable lack of confidence in its management." Investigation Continues The FMA's investigation into Chance Voight Investment Corporation Limited, its subsidiaries and persons and entities associated with the Chance Voight Group remains ongoing. Anyone with information can contact the FMA by email: cvi@fma.govt.nz or by phone to 0800 434 566. Investor or creditor queries should be referred to the liquidators by email: cvi@teneo.com. About Chance Voight Chance Voight provided financial services, investments (including property investments), and other financial products. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 16, 2025, the Financial Markets Authority (FMA) said it is investigating Chance Voight Investment Corporation Limited, its subsidiaries and persons and entities associated with the Chance Voight Group. Following the FMA seeking appointment of interim liquidators over six Chance Voight entities, the Court has appointed Malcolm Hollis, John Fisk and Lara Bennett of PwC New Zealand as interim liquidators over the 6 entities with effect from Dec. 10, 2025. The interim liquidation comprises the following entities: - Chance Voight Investment Corporation Limited - Chance Voight Investment Partners Limited - CVI Securities Limited - CVI Financial Limited - CVI Partners Mortgage Fund Limited - CVI Partners Mortgage Income Fund Limited CONBRIO SECURITY: Court to Hear Wind-Up Petition on Aug. 13 ----------------------------------------------------------- A petition to wind up the operations of Conbrio Security Limited will be heard before the High Court at Auckland on Aug. 13, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 18, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 NAUA COURIER: Court to Hear Wind-Up Petition on Aug. 20 ------------------------------------------------------- A petition to wind up the operations of Naua Courier Limited will be heard before the High Court at Auckland on Aug. 20, 2026, at 10:45 a.m. The Commissioner of Inland Revenue filed the petition against the company on June 24, 2026. The Petitioner's solicitor is: Cloete Van Der Merwe Inland Revenue, Legal Services 5 Osterley Way Manukau City Auckland 2104 TT-SOCKBURN LIMITED: Creditors' Proofs of Debt Due on Sept. 10 -------------------------------------------------------------- Creditors of TT-Sockburn Limited (formerly Torque Tyre & Auto Sockburn Limited) are required to file their proofs of debt by Sept. 10, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 16, 2026. The company's liquidators are: Lynda Smart Derek Ah Sam Rodgers Reidy PO Box 39090 Harewood Christchurch 8545 V3 CONTRACTING: Creditors' Proofs of Debt Due on Aug. 13 -------------------------------------------------------- Creditors of V3 Contracting Limited and Curry Village 2016 Limited are required to file their proofs of debt by Aug. 13, 2026, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 14, 2026. The company's liquidator is: Mohammed Tazleen Nasib Jan Liquidation Management Limited PO Box 50683 Porirua 5240 ===================== P H I L I P P I N E S ===================== XURPAS INC: Auditor Raises 'Going Concern' Doubt ------------------------------------------------ MarketScreener reports that Xurpas Inc. filed its Annual Report on July 20, 2026 for the period ending Dec. 31, 2025. In this report its auditor, SyCip Gorres Velayo & Co., gave an unqualified opinion expressing doubt that the company can continue as a going concern. Xurpas also reported earnings results for the first quarter ended March 31, 2026. For the first quarter, the company reported net loss was PHP7.07 million compared to PHP10.08 million a year ago, MarketScreener discloses. Based in the Philippines, Xurpas Inc. engages in platform development and customization, system integration, mobile platform consultancy services, management of off-the-shelf applications and social media related services. ================= S I N G A P O R E ================= ASIA RESOURCE: Court to Hear Wind-Up Petition on July 31 -------------------------------------------------------- A petition to wind up the operations of Asia Resource Partners Pte. Ltd. will be heard before the High Court of Singapore on July 31, 2026, at 10:00 a.m. Lingholm Pte. Ltd. filed the petition against the company on June 17, 2026. The Petitioner's solicitors are: Messrs Lee & Lee LLP 25 North Bridge Road #07-00 Singapore 179104 EXIGO MARKETING: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on July 10, 2026, to wind up the operations of Exigo Marketing (S) Pte. Ltd. Maybank Singapore Limited filed the petition against the company. The company's liquidators are: Mr. Gary Loh Weng Fatt Mr. Dev Kumar Harish Nandwani c/o BDO Advisory Pte. Ltd. 600 North Bridge Road #23-01 Parkview Square Singapore 188778 KOON CHENG: Creditors' Meetings Set for Aug. 5 ---------------------------------------------- Koon Cheng Development Pte. Ltd. will hold a meeting for its creditors on Aug. 5, 2026, at 3:30 p.m., via electronic means. Agenda of the meeting includes: a. to present a Statement on the company's affairs showing the assets and its estimated realisable value, together with a list of creditors and the estimated amount of the claims; b. to confirm the appointment liquidators; c. to appoint a Committee of Inspection if deemed necessary; and d. any other business. Mr. Tan Wei Cheong and Mr. Lim Loo Khoon of Deloitte Singapore SR&T Restructuring Services were appointed as provisional liquidators of the Company on July 6, 2026. SHINFOX FAR EAST: Creditors' Meetings Set for Aug. 4 ---------------------------------------------------- Shinfox Far East Company Pte. Ltd. will hold a meeting for its creditors on Aug. 4, 2026, at 2:30 p.m., via electronic means. Agenda of the meeting includes: a. to present a Statement on the company's affairs showing the assets and its estimated realisable value, together with a list of creditors and the estimated amount of the claims; b. to appoint liquidators; c. to form a Committee of Inspection if deemed necessary; and d. any other business. Mr. Tan Wei Cheong and Mr. Lim Loo Khoon of Deloitte Singapore SR&T Restructuring Services were appointed as provisional liquidators of the Company on July 6, 2026. SNAPHUNT PTE: Creditors' Meetings Set for July 30 ------------------------------------------------- Snaphunt Pte. Ltd. will hold a meeting for its creditors on July 30, 2026, at 10:30 a.m., via electronic means. Agenda of the meeting includes: a. to present a statement on the company's affairs showing the assets and its estimated realisable value, together with a list of creditors and the estimated amount of the claims; b. to consider the nomination of the Liquidators or to confirm the appointment of Liquidators nominated by the company; and d. Any other resolutions. Mr. Tan Wei Cheong and Mr. Lim Loo Khoon of Deloitte Singapore SR&T Restructuring Services were appointed as provisional liquidators of the Company on July 30, 2026. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***